WEBVTT SOLEDAD: NEARLY 40 MILLIONPEOPLE IN THE S AFFORD,ACCORDING TO THE CENSUS REMORE THAN A QUARTER OF ALLRENTERS SPEND AT LEAST HALF OFWHATY MAKE JUST TO KEEP AROOF OVER THEIR HEADS.PRESIDENT TRUMP'S PROPOSEDBUDGET HELPFOR THOSE AMERICANS.HE HAS CALLED FOR CUTTING MORETHAN HUD, THEDEPARTMENT OF HOUSING AND URBADEVELOPMENT, AND THAT INVOLVESKILLING $3 BILLION IN GRANTPROGRAMS THAT PROVIDE HOUSINGASSISTANCE TO LOW INCOMEVETERANS ANDPULLING BACK $30 MILLION USED TOREVITALIZE AND DEVELOP POORNEIGHBORHOODS.ERICA POSTED IS A FORMERASSISTANAT HUD UNDERPRESIDENT OBAMA.IT IS NICE TO SEE YOU.>> THANK YOU.SOLEDAD: HOW DO YO DEFINEAFFORDABLE HOUSING?THE DEFINITION OF AFFO ACTUALLY IN STATUTE.IT MEANS PAYING NO MORE THAN 30%OF YOUR INCOME FOR RENT OR EVENA MORTGAGE.SOLEDAD: SO WHEN YOU THINK ABOUTSOMEBODY PUTTING IN AFFORDABLEHOUSING, IT IS A SLI>> IT IS BENCHMARKED ON YOURINCOME.WHAT IS AFFORDABLE TO YOU BASEDON YOUTHE EXTREMELY LOW INCOMEPERSONWHO PAYS FOR THEIR RENT, THEYPAY NO MORE THAN 30% OF THEIRENT.>> THIS PROPOSED BUDGET FROMPRESIDT TRUMP WOULD ELIMINATEA LOT OF AFFORDABLE HOUSING FORTHE POOR.WHAT WOULD BE IMPACT BE IN YOURASSESSMENT?>> FIRST AND FOREMOST, ONE OFTHE T CUTS THEY WANT TOTAKE IS TO THE HOUSING VOUCHERPROGM, WHICH PROVIDES RENTALASSISTANCE TO AMERICA'S POORESTHOUSEHOLDS.200,000 VOUCHERS WOULD BE CUT.WHAT WE KNOW IS ONE OF THE MOSTIMMEDIATE IMPACTS WILL BEHOMELESSNESS.MORE PEOPLE WILL LOSE THEIRHOUSING AS A RESULT OF THESECUTS.MORE PEOPLE WILL BE ON THESTREETS.SOLEDAD: HOW DOES PROVIDINGLOW-IN HOUSING IMPROVE THEECONOMY?THAT IS NOT IMMINENT YOU HAVEBEEN MAKING, AND IT SOUNDSCOUNTERINTUITIVE FOR A LOT OFPEOP>> HERE ARE A COUPLE OF THEDIFFERT WAYS IT BENEFITSSOCIETY WHEN WE INVEST INAFFORDABLE HOUSING.WHEN SOMEONE IS HOMELESS,WHETHER AN INDIVIDUAL OR FAMILY,IT MEANS THEY ARE CYCLINGTHROUGH R SYSTEMS THAT ARECOSTLY, LIKE THE EMERGENCY ROOM,JAILS.SUPPORTIVE HOUSING CAN HELP TOSAVE TAXPAYER DOLLARS BYSTABILIZING THE HOUSING OFPEOPLE WHO FACE CHRONIC DISEASEOR CHRONIC CHALLENGES.THE RENT EATS FIRST.WHEN WE PAY TOO MUCH FORHOUSING, IT MEANS WE ARECROWDING O INVESTMENTSIN OUR KIDS, WHETHER IBOOKS, HEALTH CARE, DENTAL CARE.IT CAN HELP TO REDUCE THE PAINTHE KIDS FEEL.WHETHER IT IS TRANSPORTATION TOJOSOLEDAD: YOU ARE WITH THEURBAN ON RURALISSUES?AS CITIES BECOME MORETHEY ARE GOING INTO RURAL AREAS.WHAT ARE THE IMPACTS ON RURALHOUSING?>> FOR THE FIRST TIME THIS YEAR,WE AT RURALAMERICA MORE SPECIFICALLY.WHAT WE LEARNED IS RURAL AMERICAFACES SOME OF THE SAME AFFORDABILITY CHALLENGES URBAN AMERICAFACES.NOTWITHSTANDING THE NAME THEHOUSING ANDURBA DEVELOPMENT HUD, THEAGENCY SERVES MORE PAMERICA THEN THE U.S.DEPARTME OF AGRICULTURE, WHICHALSO HAS A RENTAL ASSISTANCEPROGRAM, ESPECIALLY FOR THEPOOREST AMERSOLEDAD: WE WILL WATCH WHERETHIS BIT COULD HAVE DEVASTATINGEFFECTS FOR PEOPLE IN URBAN

Housing Crisis Escalates for Middle Class and Millennials

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Updated: 4:09 PM MDT Aug 4, 2017

Nearly 40 million Americans are living in housing they cannot afford. As rent prices and mortgages have gone up in the United States, wages have not kept up, and low-income to middle-income families are feeling the squeeze. Erika Poethig, Urban Policy Director at the Urban Institute, says when housing takes up too much of the monthly budget other investments fall by the wayside, damaging opportunities for economic mobility and the nationwide economy. Poethig sits down with Soledad O’Brien to discuss the growing crisis and the long-term impact on our economy.